Crossover will work from the get-go while we wait for VMs to release their M1 solutions. However, if you are using Windows as an add-on then the option is there. Though the VM developers have a solution planned, it wouldn’t be wise to make a purchase only based on the fact that development has started. The same would apply to the VM developers.
If Windows is a crucial part of your life, then it probably isn’t wise to pick up a shiny new M1-based Mac right now as there’s no timeline for a solid solution from Apple or Microsoft. It’s difficult to answer the question as it depends on how important the use of Windows is in your normal routine. Crossover works by translating Windows commands into Mac commands, and the good news is that it works with M1-based machines. Crossover isn’t a VM it’s similar to Rosetta. Another alternative is Crossover by CodeWeavers.